Here are five key things investors need to know to start the trading day:
1. Rebounding
The S&P 500 returned to record levels Thursday, advancing 0.4% to both an intraday high and an all-time high close. The Dow Jones Industrial Average and the Nasdaq Composite also advanced, 0.6% apiece, during the session. All three major indexes are on pace for a winning week on the back of upbeat economic data. On Friday, investors will get the latest reads on U.S. personal income and consumer sentiment. Follow live market updates.
2. Election misinformation
Morning traffic outside the Meta headquarters in Mountain View, California, on Nov. 9, 2022.
Peter Dasilva | Reuters
Election misinformation is once again spreading on Facebook, according to local government officials. It’s been a problem for at least the last two election cycles, garnering widespread attention during the 2016 contest in part for the influence of Russian operatives. This time around, Facebook has largely removed itself from the equation, deprioritizing political content in its algorithms. That’s left regional and statewide election officials with fewer options to combat what they say is persistent misinformation in their jurisdictions. A spokesperson for Facebook-parent Meta said the company has around 40,000 people globally on safety and security and that its “integrity efforts continue to lead the industry.”
3. New treatment
Bristol Myers Squibb’s Cobenfy drug
Courtesy: Bristol Myers Squibb
There’s a newly approved drug for schizophrenia. The FDA on Thursday greenlit Bristol Myers Squibb’s Cobenfy to treat the mental disorder, which can cause paranoia, delusions and hallucinations among other challenges. It’s the first novel treatment for the condition in more than 70 years. Bristol Myers Squibb is on a path to boost revenue as it prepares for top-selling drugs to see their patents expire. Nearly 3 million adults in the U.S. live with schizophrenia.
4. The millionaire vote
Democratic presidential nominee and U.S. Vice President Kamala Harris delivers remarks about her economic plan during a campaign event, in Pittsburgh, Pennsylvania, U.S., September 25, 2024.
Kevin Lamarque | Reuters
Wealthy investors are preparing to cast their vote for Kamala Harris. A majority of millionaire investors said they plan to vote for the Vice President over former President Donald Trump, according to a UBS survey. That’s despite more than half of respondents giving Trump the edge on the economy and taxes, based on the survey results. The survey polled 971 investors with $1 million or more in investible assets in mid-August.
5. Birria boom
The Birria Tacos at Mariscos 1133 Restaurant in Washington, D.C.
Scott Suchman | The Washington Post | Getty Images
A traditionally regional Mexican food is taking over U.S. eateries. Birria, typically a beef or goat stew that’s slow cooked with spices and chiles, has seen its presence on restaurant menus surge more than 400% in the past four years, according to research from Dataessential. It’s appeared in various forms and cuisines and has sparked buzz on social media. “This is a dish that is not about heat — it’s flavor,” said Christine Couvelier, a culinary trendspotter. “So when consumers try it on a menu, they aren’t afraid or surprised.”
– CNBC’s Brian Evans, Lisa Kailai Han, Jonathan Vanian, Annika Kim Constantino, Robert Frank and Amelia Lucas contributed to this report.
